Rs 64cr to Kochhars quid pro quo for Rs 300cr bank loan to Dhoot?
TNN | Updated: Jan 25, 2019, 11:22 ISTHighlights
- The FIR states that total loans worth Rs 3,250 crore were sanctioned to Videocon
- On September 7, 2009, the bank disbursed Rs 300 cr to Videocon International and the next day a company originally floated by Dhoot, transferred Rs 64 crore into NuPower Energy a company floated by Chanda Kochhar’s spouse Deepak Kochhar
File photo
Loans to Videocon group turned non-performing assets in June 2017. The accusation against the ex-ICICI Bank chief Chanda Kochhar and her spouse Deepak Kochhar, however, date back to 2009
What is CBI investigating?
The CBI’s charge is that ICICI Bank sanctioned credit facilities of Rs 3,250 crore to Videocon group companies — Trend Electronics, Century Appliances, Kail, Value Industries and Evan Fraser & Co. On September 7, 2009, the bank disbursed Rs 300 cr to Videocon International and the next day a company originally floated by Dhoot, transferred Rs 64 crore into NuPower Energy a company floated by Chanda Kochhar’s spouse Deepak Kochhar + .
Who are the accused?
The accused individuals are VN Dhoot, Chanda Kochhar + and Deepak Kochhar . Chanda was a part of the credit committee when loans were sanctioned to Videocon. The FIR also names NuPower Renewables floated by Deepak Kochhar and Dhoot’s companies which include Videocon International Videocon Industries, Supreme Energy and other unknown individual and unknown public servants.
What is the role of the companies?
NuPower was set up in December 2008 as a JV between Kochhar and Dhoot. Supreme Energy (SEL) was Dhoot’s company, incorporated in July 2008. The control of this company was transferred to Deepak Kochhar after Dhoot stepped down in 15.1.2009. SEL was transferred by selling its shares to Pinnacle Energy Trust a company managed by Deepak Kochhar. SEL’s Rs 64 crore investment in September 2009 was the first major capital infusion into NuPower.
What is the amount involved?
The FIR states that total loans worth Rs 3,250 crore were sanctioned to Videocon. CBI has pegged the value of misappropriated amount Rs 1,730 crore – the outstanding term loan as on April 26, 2012.
Why are other ICICI Bank officials named?
CBI has named eight other officials who were part of the sanctioning committee. Sandeep Bakhshi, K Ramkumar, Sonjoy Chatterjee, NS Kannan, Zarin Daruwala, Rajiv Sabharwal, KV Kamath, Homi KhusrokhanThe report does not make any allegations against the officials but calls for an investigation into their role.
What is CBI investigating?
The CBI’s charge is that ICICI Bank sanctioned credit facilities of Rs 3,250 crore to Videocon group companies — Trend Electronics, Century Appliances, Kail, Value Industries and Evan Fraser & Co. On September 7, 2009, the bank disbursed Rs 300 cr to Videocon International and the next day a company originally floated by Dhoot, transferred Rs 64 crore into NuPower Energy a company floated by Chanda Kochhar’s spouse Deepak Kochhar + .
Who are the accused?
The accused individuals are VN Dhoot, Chanda Kochhar + and Deepak Kochhar . Chanda was a part of the credit committee when loans were sanctioned to Videocon. The FIR also names NuPower Renewables floated by Deepak Kochhar and Dhoot’s companies which include Videocon International Videocon Industries, Supreme Energy and other unknown individual and unknown public servants.
Chanda Kochhar was in CBI crosshairs even before Nirav scam broke
The CBI, which first received a complaint into the affairs of Chanda Kochhar from whistleblower Arvind Gupta in October 2016, had initiated an inquiry on December 8, 2017, almost two months before the Punjab National Bank scam involving Nirav Modi and Mehul Choksi came to light .
What is the role of the companies?
NuPower was set up in December 2008 as a JV between Kochhar and Dhoot. Supreme Energy (SEL) was Dhoot’s company, incorporated in July 2008. The control of this company was transferred to Deepak Kochhar after Dhoot stepped down in 15.1.2009. SEL was transferred by selling its shares to Pinnacle Energy Trust a company managed by Deepak Kochhar. SEL’s Rs 64 crore investment in September 2009 was the first major capital infusion into NuPower.
What is the amount involved?
The FIR states that total loans worth Rs 3,250 crore were sanctioned to Videocon. CBI has pegged the value of misappropriated amount Rs 1,730 crore – the outstanding term loan as on April 26, 2012.
CBI registers FIR in ICICI Bank-Videocon loan case
It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of Rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012, CBI officials said. The agency had registered a preliminary enquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year.
Why are other ICICI Bank officials named?
CBI has named eight other officials who were part of the sanctioning committee. Sandeep Bakhshi, K Ramkumar, Sonjoy Chatterjee, NS Kannan, Zarin Daruwala, Rajiv Sabharwal, KV Kamath, Homi KhusrokhanThe report does not make any allegations against the officials but calls for an investigation into their role.
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